CUNA Mutual Group, CU Xpress Lease expand leasing partnership
MADISON, Wis., and HAUPPAGE, N.Y. (3/23/16)--CUNA Mutual Group and GrooveCar subsidiary CU Xpress League announced the expansion of their collaboration into Florida, California, New Jersey, New York and Massachusetts.
“In select, mature lease markets, leasing accounts for up to 70% of new vehicle loans,” said Frank Rinaudo, GrooveCar senior vice president. “Providing this opportunity, along with CUNA Mutual Group’s support, will offer credit unions new avenues of growth and expansion.”
CU Xpress Lease offers a turnkey auto leasing program that can be issued to members directly through credit union dealership partners. CUNA Mutual Group serves as the underwriter for CU Xpress Lease’s guaranteed asset protection product, which covers the difference between the member’s primary insurance settlement and the outstanding loan balance in the event of an accident or theft.
“Credit unions want programs that are easy to administer, help secure more loans and protect more members. Our partnership with GrooveCar and CU Xpress Lease is another example of how CUNA Mutual Group is developing products and services to meet credit union and member needs,” said Chuck Cashman, CUNA Mutual Group vice president of business development and strategic partnerships.
GrooveCar also offers auto purchasing resources such as vehicle pricing, car reviews, vehicle history reports, pricing comparison tools, financing information and payment calculators.